Hey folks, FYI we have a more in-depth webinar on this topic with subject matter experts Marshall Hatfield and Tyler Simmonds hosted by Chris Tamm.
Sure, you'd love to quadruple your business but to do so you'll need a process. Processes ensure that even if you were hit by a bus tomorrow your business would not be destroyed (as you might be by the bus). This sounds initially morbid, but processes provide structure where people might not. Ask yourself, could your business function without you or one of your key employees?
"The less valuable you are to your business, the more valuable your business is!"
- Steve Murray, President of REAL Trends
This is especially true in real estate. We've found that far too much time is spent trying to create immediate or "now" transactions with people. Realistically people don't buy homes through immediate transactions. Instead, processes and systems should be put in place to ensure more thorough and elongated follow up.
We've laid out some steps to quadruple your closings through the adoption of processes that will help you build a systemized and scalable business.
Implement a Lead Management System
Implementing a lead management system (if you aren't already using one) is absolutely essential to selling more real estate. Lead management systems (also known as CRMs) are databases that contain all the available information about your leads. This is where your team should be tracking every interaction with the lead. These interactions will help with the thorough follow up that sells homes.
In a study done to determine the differences between short-term vs. long-term closings Zillow discovered:"During the first 12 months over half of all closings took more than 3 months of continuous follow up."
- Tyler Simmonds, Strategic Accounts Zillow
Without a lead management system your team won't be able to access or keep organized the information necessary for doing this type of follow up. If you're already utilizing a lead management system make sure its one that has the capability of being your sole platform provider. When there's more than one system tasks seem to slip through the cracks ultimately resulting in wasted leads.
"Improved lead nurturing and management will double, triple, or quadruple your closings while...inadequate follow up could be destroying 80% of your potential earnings."
- Marshall Hatfield, CEO of REVAS
Tracking accountability is only possible with a system in place. However, once this system is in place it's important to ensure that your agents are using it. Don't allow leads that you've paid for to be left sitting in your database for months without follow up. Having a database that shows specific team member follow up will go a long way in holding those team members accountable.
Your lead management system should show everything that your team members have accomplished in attempts to boost the lead's lifetime value. For example, if an agent doesn't want to follow up with a lead because the commission is low, your system will hold them accountable. Lead lifetime values suggest that even if the commission on this particular lead had only been $5k, the true worth of this lead should be at least $20k.
Lead lifetime value roughly equates toinitial commissionx4.These lifetime values are generated from creating lifelong brand experiences.
"Too many real estate entrepreneurs believe that content marketing is purely for lead generation. This is short-term thinking for a long-term problem. Imagine all your content as part of building a lifelong personal relationship."
-Marshall Hatfield, CEO of REVAS
Creating content is something every real estate firm should be doing. Content is something you only have to generate once, yet it still becomes part of a brand-wide automated lead nurturing funnel. We've found these forms of content have been successful:
Niche' website service pages/ geo-targeted content
Syndicated blog content
Pre-determined email campaigns
Newsletters and personal greeting cards
Social media campaigning
Videos and webinars
Put content to work for your team and enjoy the benefit of having an around the clock lead nurturing funnel. Also, hire or assign a team or person to be completely dedicated to calling leads.
Enlist Inside Sales Agents
ISAs or Inside Sales Agents can help to help free up your agents' time for closing sales while they follow the team's lead nurturing process. Their tasks are to prospect leads AND enter gained information into your lead management system. ISAs obtain information about leads while nurturing them and following your team's process. Finally, they can help to keep agents focused on closing sales while booking as many possible in-person appointments for them.
"Long-term personalized follow up is proven to boost conversion ratio by as much as quadruple."
-Marshall Hatfield, CEO of REVAS
By enlisting a lead management system, tracking accountability, and utilizing content and ISAs your team can become far more successful. To learn more about how to quadruple your closings check out our webinar!
Click here to download the guide: The Rule of Three
About Gabe Cordova
Gabe is an expert in residential real estate with over 16 years of sales success, team building, training, and system implementation. As the President of Firepoint Solutions, he focuses on building th...